VeThor Token Breakout Analysis – VTHO Gains +73% in a Week with Strong Uptrend

VeThor Token VTHO is flipping on a 1-day candle chart, The Cryptocurrency VTHO has grown by a massive +73% in the past week. Let’s take a quick look at VTHO price analysis and possible reasons for the recent breakout.

What is VeThor Token?

VeThor Token is represented as the energy cost for carrying payment transactions and smart contract transactions on the VeChainThor blockchain. VTHO is so generated as a form of gas from VeChain Tokens, over time.

VeThor Token Quick Stats

SYMBOL:VTHO
Global rank:309
Market cap:$49,812,847 AUD
Current price:$0.0015 AUD
All time high price:$0.0546 AUD
1 day:+41.4%
7 day:+73.55%
1 year:+116.47%

VTHO Price Analysis

At the time of writing, VTHO is ranked 309th cryptocurrency globally and the current price is $0.0015 AUD. This is a +73.55% increase since 12th January 2021 (7 days ago) as shown in the chart below.

Source: TradingView

In the past month, there was a strong rise in Bitcoin, Ethereum, and other Altcoins. As a result, VeThor VTHO also formed strong support near $0.0012 AUD price levels before starting a fresh increase against the BTC pair. The red uptrend line started on 20th November. Is being obliterated this week, colossal strength and volume which both signals the further rise in the uptrend. Additional growth can follow for this Altcoin on different trading pairs.

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Here we also have the “W” pattern with a higher low just as looking at it before starting a strong increase, there was a break above a crucial contracting triangle with resistance near $0.0011 AUD on the weekly chart of the VTHO/USDT. The pair gained pace above the $0.0013 AUD and $0.0014 AUD resistance levels.

“W pattern is a price pattern, also called Double Bottom. This pattern, when drawn it looks like the W and this is why it is called as W pattern. Sometimes patterns look like W but it is not the exact W pattern and these patterns are called Semi-W patterns.”

Source: TradingView

What do the technical indicators say?

The VTHO TradingView indicators (on the 1 day) mainly indicate VTHO as a buy, except the Oscillators which indicate VTHO as a neutral.

So Why did VTHO Breakout?

The recent rise in Bitcoin over +300% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying VTHO for the next Altcoins rally & it could also be contributed to some of the recent news of Daas Fee-Delegation.

Recent VeThor News & Events:

Where to Buy or Trade VTHO?

VeThor Token has the highest liquidity on Binance Exchange so that would help for trading VTHO/USDT or VTHO/BNB pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.

Malik Junaid
Author

Malik Junaid

Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.

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